Amadeus FiRe AG: First quarter results of fiscal year 2013

Amadeus FiRe AG: First quarter results of fiscal year 2013

In the first quarter of fiscal year 2013 the Amadeus FiRe Group achieved consolidated revenues of EUR 33,068k (prior year: EUR 33,311k), a decline of 0.7%. A contraction in sales of 4% in temporary staffing was nearly compensated by increasing sales of the remaining services. The reporting period had three chargeable days less than the respective prior year period.

The different services developed as follows:

• Temporary staffing - 4%

• Interim and project management 8%

• Permanent placement 15%

• Training 5%

After the first three months of the business year, gross profit of the Amadeus FiRe Group amounted to EUR 13,151k after EUR 14,165k in prior year’s period. The gross profit margin was 39.8% (prior year: 42.5%). The margin effect is primarily due to a shortfall in temporary staffing sales from three fewer chargeable work days as well as an exceptional high level of sickness absence among temporary staff in the first quarter of 2013. Whereas the further increase in the share of sales attributable to permanent placement had a positive margin impact. In the area of training and education the gross profit margin increased on the back of an improvement in course capacity utilisation.

In the first quarter selling and administrative expenses came to EUR 9,127k after EUR 8,905k recorded last year. The increase of 2.5% derives mainly from higher expenses for rent, internal training and IT.

The operating profit was EUR 4,058k and fell below the comparable prior year amount of EUR 5,228k, a decrease of EUR 1,170k (-22.4%). After three months the EBITA margin was at 12.3% compared to 15.7% in prior year’s period. Taking out the effect due to the lower number of chargeable days the adjusted EBITA is unchanged on prior year’s level.

Based on the current order situation and assuming macroeconomic factors develop as forecast, the Management Board expects earnings for the 2013 financial year to again be higher than the industry average for specialist personnel service providers.